A global bond sell-off has seen UK gilt yields hit 6% for the first time in nearly 30 years, heaping pressure on the Chancellor ahead of his inaugural Budget later this month.
The yield on UK Government bonds, also known as gilts, reached 6.07% in morning trading on Thursday – the highest level since 1998, with the worldwide bond market woes spilling over into equities as London’s FTSE 100 Index tumbled by 2%.
